Italy's Autogrill buys airport shops for 1 bln euros

0 Comments | AFP, March, 2008

MILAN (AFP) — Italy's Autogrill announced Monday deals worth one billion euros (1.5 billion dollars) to buy airport shops and restaurants, which the company said would make it the world's biggest airport retail group.

The Milan-listed company, an operator of motorway restaurants in Italy, said it had agreed to pay 715 million euros for World Duty Free, a chain of 58 duty-free shops owned by British airport operator BAA.

It also announced the acquisition of full control of a Spanish chain of airport shops, Aldeasa, which it jointly owns with British cigarette maker Imperial Tobacco.

Imperial said Autogrill would pay 275 million euros (421.7 million dollars) in cash for the 49.95-percent stake it did not own in the company after approval from EU regulators....

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